Genting scales the bond highlands

Gaming group brings another popular international bond deal from Malaysia.

Genting Berhad, Malaysia's only gaming operator, completed its debut eurobond yesterday September 14. With Citigroup and HSBC as lead managers, the group raised $300 million after lifting the deal by $50 million on the back of a strong order book totaling $1.81 billion.

Like Telekom Malaysia the day before, Genting benefited from the momentum generated by the government's budget address on Friday and positive ratings moves by Moody's. Pricing was revised in from initial guidance of 137bp to 140bp over Treasuries to between 132bp and 134bp and then priced at the tight end.

With an issue price of 99.390%, the Baa2BBB rated 10-year deal carries...

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